Edgewise Therapeutics Prices Underwritten Offering at $200 Million

By Bobby Samwell • Wednesday, April 02 15:17 • Permanent Link

Edgewise Therapeutics, Inc. (NASDAQ: EWTX) has announced the pricing of its underwritten offering of $200 million, with each share priced at $9,935,419. The company anticipates gross proceeds of approximately $200 million from the offering, before deducting underwriting discounts, commissions, and offering expenses. The offering is expected to close on April 3, 2025.

The underwritten offering saw participation from various funds including Braidwell LP, Cormorant Asset Management, Driehaus Capital Management, Invus, Janus Henderson Investors, MPM BioImpact, OrbiMed, Paradigm Biocapital Advisors, Perceptive Advisors, RA Capital Management, and Sofinnova Investments, Inc.

Edgewise intends to utilize the net proceeds from the offering to support the potential U.S. commercial launch of Sevasemten in patients with Becker muscular dystrophy, if approved. Additionally, the funds will be allocated towards the advancement of a phase 3 trial with Sevasemten in Duchenne muscular dystrophy, phase 3 trials of EDG-7500 in patients with obstructive and non-obstructive hypertrophic cardiomyopathy, and other ongoing research and development programs, as well as for working capital and general corporate purposes.

The company also highlighted that the shares are being offered pursuant to a registration statement on Form S-3ASR, which automatically became effective upon filing. Furthermore, a prospectus supplement and accompanying prospectus related to the offering will be filed with the U.S. Securities and Exchange Commission (SEC).

Edgewise Therapeutics is a leading muscle disease biopharmaceutical company focused on developing novel therapeutics for muscular dystrophies and serious cardiac conditions. The company's pipeline includes Sevasemten, an orally administered skeletal myosin inhibitor in late-stage clinical trials for Becker and Duchenne muscular dystrophies, as well as EDG-7500, a novel cardiac sarcomere modulator for the treatment of hypertrophic cardiomyopathy and other diseases of diastolic dysfunction, which is currently in phase 2 clinical development. As a result of these announcements, the company's shares have moved -23.0% on the market, and are now trading at a price of $15.5. For the full picture, make sure to review Edgewise Therapeutics's 8-K report.

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